Montgomeryshire MS Russell George has announced he will not be standing for re-election in next year's Senedd elections.
Russell George is among 15 people facing allegations of cheating related to bets on the timing of the 2024 general election.
He strongly denies he cheated and was withdrawing from the Conservative list to focus on clearing his name.
Posting on his Facebook page, Mr George said: "I was shocked and surprised to have been informed by the Gambling Commission that I am facing charges for cheating.
"To be clear, I have never cheated.
"However, given the Gambling Commission’s decision, and my understanding of what will follow, this is likely to be a lengthy process that may not be resolved by May 2026.
"In the circumstances, I feel I have no alternative but to withdraw my candidacy for next year’s Senedd elections so that I can focus on fighting to clear my name.
"I will of course continue to serve the people of Montgomeryshire to the very best of my ability.
"I am grateful for the many messages of support that I have received in recent days, particularly from constituents."
Mr George, who has served as a Member of the Senedd for Montgomeryshire since 2011 and former Montgomeryshire MP Craig Davies are among 15 people charged by the Gambling Commission with offences under the Gambling Act 2005 following an investigation into alleged cheating related to bets placed on the timing of the 2024 General Election.
The investigation, initiated in June 2024, focused on individuals suspected of using confidential information - specifically advance knowledge of the proposed election date - to gain an unfair advantage in betting markets.
Such actions constitute an offence of cheating under Section 42 of the Gambling Act 2005, a criminal offence.
As a result of the charge, Senedd Conservative leader Darren Millar, withdrew the whip from Mr George earlier this month, meaning he now sits as an independent within the Welsh Parliament.
Mr George lost his positions on the Health and First Minister committees because of his status as an independent MS, the positions having been allocated to the Welsh Conservatives.
A spokesperson for the Senedd confirmed that the presiding officer Elin Jones wrote to political party business managers confirming he is no longer a member of the committees.
The Gambling Commission investigation is separate from the previous independent Metropolitan Police investigation, which was discontinued.
The Commission, as the independent regulator of gambling in Great Britain, is committed to protecting consumers and the public, ensuring confidence in the industry, and upholding high standards among licensees.
Under Sections 27 and 28 of the Gambling Act, the Commission has the authority to investigate offences and bring criminal prosecutions where appropriate.
Mr George and Mr Williams are both due to appear before Westminster Magistrates’ Court on 13 June.
Among others facing charges are: Nick Mason, a former chief data officer for the party; Laura Saunders, the Conservative candidate for Bristol North West and Tony Lee, the Conservatives’ campaigns director, who is married to Saunders.